Norwegian aquaculture robotics company Remora Robotics has raised €2.5 million in its latest funding round.
Based in Stavanger, the company has developed an autonomous net cleaner for the aquaculture industry. According to Remora, in addition to cleaning nets, their robot also uses advanced sensors to monitor and insepct fish pens at the same time, giving fish farmers better information on environmental conditions.
The investment funding round, which was led by Grieg Kapital and Momentum, achieved a total of 30 million Norwegian kroner, or 2.5 million euros – which Grieg says is all the more remarkable in today's "challenging capital market".
The capital will be used in the continued development of Remora's technology as well as expansion of sales, according to Remora Robotics CEO Brage C. Amundsen.
"The investment from Grieg Kapital and Momentum provides us with the necessary resources to execute our plans and deliver our service of consistently clean nets to our customers. The transaction also paves the way for strengthened collaboration going forward," Amundsen said.
"With this capital injection, we can accelerate the commercialization efforts we've initiated and have the opportunity to scale our sales. We are bringing in two strong investors, both with a proven ability to drive successful companies through their methodical approach, and who are reputed for actively engaging in their investments," he added.
"Remora Robotics has developed new and exciting technology for a global market. The company's technology has the potential to streamline net cleaning and improve the health of farmed fish, which is crucial for the sustainable advancement of the aquaculture industry," said Lars Jørgen Loktu, Investment Manager at Grieg Kapital.
"This investment aligns well with our investment strategy, focusing on ocean technology. We view the technology and business model as forward-looking," he added.
In a press release, Grieg Kapital said that net fouling presents a "significant challenge" for both operational efficiency and fish health in aquaculture, while existing cleaning solutions "pose environmental and equipment challenges while potentially exposing fish to health issues", leaving the industry in urgent need of solutions that prioritise both sustainability and efficiency.
"We have been observing the market for automated net cleaning for a while and believe that the industry will embrace this type of technology," explained Momentum Partners Investment Manager Christian Møgster.
"The solution can enhance growth, profitability, and sustainability for fish farmers simultaneously, aligning perfectly with our mandate. We believe the team at Remora Robotics has what it takes to succeed in large-scale commercial deployment. We are also pleased to make this investment alongside a competent and relevant co-investor in Grieg Kapital and look forward to contributing to the company's further development alongside the employees and other shareholders."
